Day: January 21, 2013

BNP Paribas Investment Partners (BNPP IP), the asset management business of French BNP Paribas (EPA:BNP), will spin off BNP Paribas Clean Energy Partners (BNPP CEP) to become Glennmont Partners, the latter said on Monday.

The parent company, BNP Paribas Group, will remain an investor in the fund and will back the new entity via a distribution deal. Following the spin-off, BNPP CEP’s management staff will remain with Glennmont. Joost Bergsma will keep his position as chief executive.

Bergsma commented that as a separate entity, the focus of the business’ interests will be more closely aligned with the interests of its investors.

Glennmont is a EUR437m (USD582m) fund investing in renewable power projects including biomass, wind, solar and hydro power plants. The transaction is pending relevant regulatory authorisations.

Japanese industrial group Toshiba Corp (TYO:6502) is mulling over a possible bid for UK nuclear fuel producer Urenco Limited, the Sunday Times reported without quoting any sources.

According to the paper, Toshiba is holding discussions with several parties, including Japan’s Mizuho Bank Ltd, to provide funding for a potential deal. Reuters could not immediately reach Toshiba for comment.

Urenco was formed in 1971 by the German, Dutch and the UK governments. Unlike the UK and Germany, whose stake is held by RWE AG (ETR:RWE) and E.ON AG (ETR:EOAN), the Dutch government is unwilling to sell its stake in the firm over concerns that unfriendly regimes or terrorists could take possession of Urenco’s centrifuge technology.

The vendors are expected to launch an action in the coming months if the Dutch and UK governments come to terms about the sale. Urenco is estimated to be worth up to GBP10bn (USD15.9bn/EUR11.9bn), the paper said.